Investing.com – Gold prices edged higher on Friday, as the U.S. dollar softened amid sustained uncertainty over the fate of a highly anticipated tax reform plan.
Comex was up $1.75 or about 0.14% at $1,274.96 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session’s two-week low of $1,269.80.
Sentiment on the greenback remained vulnerable after the U.S. Senate on Thursday evening delayed a vote on the tax reform bill until Friday as a key element of the bill still needed to be debated.
However, the bill was seen like more likely to pass following an .
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.08% at 92.90.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
The dollar had strengthened after the U.S. Department of Labor reported on Thursday that initial jobless claims rose fell unexpectedly to last week.
The report came a day after data showed that the U.S. economy faster than expected in the third quarter.
Elsewhere on the Comex, were little changed at $16.38 a troy ounce.
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Source: Investing.com
